Cambridge Blockchain is developing its digital identity software with some of the top global financial institutions.

Cambridge Blockchain is a blockchain startup developing digital identity software in collaboration with several global financial institutions, promising banks a new way to comply with both KYC (know-your-customer) and client privacy regulations. The firm announced today the closing of a $2 million convertible note, with participation from Partech Ventures and Digital Currency Group (DCG), which will be used to accelerate deployments of commercial services planned for late 2017.

“We’re thrilled to have the support of Partech and DCG,” said Matthew Commons, Cambridge Blockchain’s CEO. “DCG is one of the world’s most experienced blockchain investors, and Partech’s strategic relationships with European financial institutions will help us expand in important new markets for our technology.”

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Cambridge Blockchain’s distributed architecture is designed to resolve the competing challenges of transparency and privacy, promising faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.

Barry Silbert (Photo: Bloomberg)

Barry Silbert, founder and CEO of DCG, remarked: “In today’s world, managing identities across applications and platforms is becoming increasingly challenging and cumbersome, and high profile data hacks have highlighted the vulnerability of these systems. We are excited to see Cambridge Blockchain working to build blockchain-based technology to collect and share identity data across organizations in a safe, secure, and transparent manner that protects users while offering efficiency to institutions.”

“We believe Cambridge Blockchain is the most promising company to seize this huge market opportunity and a clearly beneficial application of Blockchain technologies. We’ve been impressed by the team of co-founders who has both prior startup experience and a strong vertical expertise, and has inked their first commercial partnerships” explained Romain Lavault, General Partner at Partech Ventures.